Office workers, both newly graduated and senior employees have been haunted by the fear that they would lose the jobs one day, when the companies trying to struggle to survive the difficulties attempt to cut the labor force.

Not only unskilled workers, but white collar workers have suffered a constant anxiety that they may become redundant in the lay-off campaigns.

“Since Tet, I have to bend down to work hard, trying to prove my ability to the boss. I hope I would not become redundant, once the boss considers dismissing workers to cut down expenses,” said Phong, a credit officer of a foreign bank in HCM City.

The bank where Phong is working is facing big difficulties. Employees have been whispering in each others’ ears that the boss would announce a lay-off campaign in some days. Meanwhile, Phong’s labor contract would get expired in some months, and he fears that the contract may not be renewed.

It would be really a big problem if Phong cannot stay at the bank. He knows it’s very difficult to find a job in the current difficult circumstances. Meanwhile, Phong is going to have a baby; therefore, he needs to earn money to feed his small family.

The worry about unemployment has been suffered--especially by the officers of commercial banks, real estate firms or securities companies. Though the stock market has recovered a little after a long period of sliding, but the labor force restructure at securities companies still continues, in which many workers have been and would be sacked.

Quang, a manager of the bank where Phong is working, has confirmed the lay-off plan. The only thing that the leadership needs to do is to decide who would have to leave the bank.

“The workers, who have the labor contracts to be terminated in the time to come, could be the subjects of the lay-off plan,” he said.

However, Quang also said that not only normal workers, but high ranking managers also feel worried about unemployment.

“Some divisions would be dissolved if they do not bring profits to the company. This means that I would have to move to other divisions, which might not be suitable to my hobbies and ability. If so, I would bear a hard pressure which would force me to resign from the post,” Quang said.

T was deputy director of a real estate firm, a subsidiary of a big construction corporation – the post that allowed him to earn tens of millions of dong a month. However, things have changed a lot. As the company cannot earn money, he was persuaded to resign from the post or move to another division where he would get a much lower salary.

T decided to choose the second option, because he borrowed money from banks to buy a house last year, and now he needs to work to pay debts.

In fact, T’s current income is just enough to cover his basic needs, but the money still helps ease the difficulties.

Officers of securities companies prove to be the biggest sufferers in the economic crisis. It is estimated that only 10 securities companies now can live well, while the other 90 companies have been facing big difficulties. The companies have convinced their staff to leave the companies or accept lower salaries.

An officer of the HCM City branch of a securities company has revealed that she receives four million dong a month only, but she still thinks she is lucky enough, because her colleagues even earn less than 4 million dong which is not enough for their basic needs in a big city like HCM City.